Someone I forgot who wrote about 24 hour media channels and had some good points. They are made for major events. They have resource and talent to handle major events with complete coverage and analysis. When there is a major disaster, election, or world event you turn on CNN for update info because the event deserves that kind of attention. Same thing applies to sports, Draft Day, First day of free agency, March Madness, World Cup etc.
But when those type of events aren't going on, those channels lose their appeal. CNN repeats the news at the top of the hour every hour until something comes along, same with ESPN. The rest of that time is built on opinion that truthfully most viewers just don't find important enough to watch.
ESPN was what it was back in the day because there was nothing else, they set the standard and we accepted what they gave us, cause where else we gonna go? They have been giving the same thing for the last 20 years just calling it a different name every time.
Yeah we got the Internet for highlights, but brand loyalty is a crazy thing. Despite what a lot of people tend to believe about themselves ESPN is a opinion leader in terms of sports and what's deemed important in that world. Something happens most of us turn their first to watch about it. To me it hasn't fallen off, most of us receive our news differently now and we don't need them as much as before. We notice the fluff on CNN, ESPN etc more cause all we need from them nowadays are the facts. The rest is just white noise they make to fill the time until something important happens again.